Implode-o-Meter News - Puerto Rico debt rescue plan engulfed in Great Recession â€˜bailout' politics

A group called the Center for Individual Freedom has spent millions of dollars on ads calling the Puerto Rico bill a "bailout," targeting specific congressional districts, including Bishop's. Jeff Mazzella, CFIF's president, did not reply to email or phone calls Friday. The group does not disclose its donors, but there is a widespread belief on Capitol Hill that the group is acting at the behest of those bondholders opposed to a court or board-imposed restructuring.
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Supporters of a congressional rescue plan got a boost on Tuesday, when Pimco, which manages $40Â billion of municipal bonds, supported the current House bill.

"It would be incorrect to classify [the bill] as a â€˜bailout,'" said a blog posting on the Pimco website. "No incremental federal tax dollars are allocated to the Territory under the bill. In fact, if this legislation does not advance, the probability of future federal tax dollars flowing to the Territory or bondholders may actually increase."

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Puerto Rico debt rescue plan engulfed in Great Recession â€˜bailout' politics